HP has launched a solution aimed at making it faster and cheaper to process proactive payments of Payment Protection Insurance (PPI) claims in the UK.

The company’s technology streamlines the process of addressing the claim, allowing the settlement to be brought to a close more quickly. Furthermore, as it analyses data, it allows banks to identify which customers are eligible for compensation even before they make their claims. HP says that it has helped one of its UK financial services customers reduce the estimated cost of responding to mortgage payment claims from 3,000 to 12 man years. The technology also has the potential to help financial lenders process compensation relating to loans and credit cards.

Jens Henrik Osmundsen, director, Industry and Solution Sales, EMEA at HP, says: “To rebuild trust, it is essential that banks identify which customers are affected by PPI mis-selling and provide prompt compensation. We are proud that our technology, which creates and analyses structured data to identify valid claims, is facilitating this process.”

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